There are a lot of options for investors to choose from in the mining sector.
To narrow things down, let's take a look at what Morgans is saying about three ASX 200 mining giants.
Here's what the broker is recommending to clients:
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Newmont Corporation (ASX: NEM)
This gold giant released a solid third quarter update this month according to analysts at Morgans.
And while its guidance for FY 2026 was a touch softer than it was expecting, it remains positive and believes it is well-positioned for the future. As a result, the broker has put an accumulate rating and $148.00 price target on its shares. It said:
NEM delivered a solid 3Q25 result across all metrics underpinned by the strong gold price. Production was in line with expectations but costs, adjusted EBITDA and adjusted net income was a beat to consensus expectations. Net debt reduced to US$12m (from US$1,422m in the previous quarter). CY26 indicative guidance was slightly softer than expected due to mine sequencing, but this positions NEM for strong production and lower costs in subsequent years. Maintain ACCUMULATE with a A$148ps target price (previously A$146ps).
Pilbara Minerals Ltd (ASX: PLS)
This lithium miner impressed with its first quarter update. Morgans notes that its production, costs, and revenue were all ahead of expectations for the three months.
However, with its shares rallying strongly in recent months, the broker feels that they have been overvalued. This has seen Morgans downgrade the ASX 200 mining giant to a sell rating but with an improved price target of $2.80. It said:
Strong 1Q26 result with production, costs and revenue ahead of expectations. PLS continues to engage with the government following the Australia-US critical minerals framework. Management stipulated its preference for shared infrastructure initiatives over potential price floors. Following recent share price strength we believe PLS is now trading well ahead of fundamentals and we therefore move to a SELL rating (previously HOLD) with a A$2.80ps target price (previously A$2.30ps).
Woodside Energy Group Ltd (ASX: WDS)
Finally, this energy giant delivered a strong third quarter update. In addition, it has announced an agreement with Williams Companies (NYSE: WMB) for the Louisiana joint venture, which Morgans believes de-risks infrastructure and feedgas delivery.
In light of the above, the broker has upgraded this ASX 200 energy giant to a buy rating with an improved price target of $30.50. It said:
On the heels of a strong 3Q25 operational and sales result, Woodside has announced the entry of US midstream player Williams into the Louisiana JV. Given the magnitude of execution risk Woodside faces at Louisiana, we appreciate the strategy to de-risk infrastructure and feedgas delivery. To form a view on the value of the Williams deal we need to gain a better grasp of the pipeline agreement, with the two deals obviously indirectly linked.
Doing good things, and apparently a good week to have good news macro wise, it is little surprise Woodside shares are gaining support. We upgrade our rating to BUY (from ACCUMULATE) post the recent selloff with a A$30.50 target price.
